Core Viewpoint - Ningbo Fuda (600724) reported a decline in total revenue and net profit for the first half of 2025, but showed improvement in profitability metrics such as gross margin and net margin [1] Financial Performance - Total revenue for the first half of 2025 was 744 million yuan, a decrease of 17.46% year-on-year compared to 901 million yuan in 2024 [1] - Net profit attributable to shareholders was 116 million yuan, down 1.79% from 118 million yuan in the previous year [1] - In Q2 2025, total revenue was 405 million yuan, an increase of 17.41% year-on-year, while net profit was 57.98 million yuan, up 15.08% [1] - Gross margin improved to 28.59%, a year-on-year increase of 19.87%, and net margin rose to 14.05%, up 11.54% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 57.05 million yuan, accounting for 7.67% of revenue, which is a 25.08% increase year-on-year [1] - Operating costs decreased by 22.6%, correlating with the decline in revenue [2] Cash Flow and Assets - Operating cash flow per share increased by 69.38% to 0.1 yuan, reflecting improved cash generation from operations [1][3] - Cash and cash equivalents increased by 9.22% to 677 million yuan [1] Debt and Liabilities - Interest-bearing debt rose by 4.83% to 407 million yuan [1] - Significant changes in receivables and payables were noted, with accounts receivable decreasing by 5.47% to 231 million yuan [1][2] Investment Returns - The company's return on invested capital (ROIC) was reported at 5.01%, indicating a generally weak capital return over recent years [3] - Historical data shows a median ROIC of 6.08% over the past decade, with two years of losses since the company went public [3] Additional Observations - The company has a healthy cash position, which supports its debt repayment capabilities [4] - There is a concern regarding accounts receivable, which has reached 109.91% of profit, indicating potential collection issues [5]

Core Insights - Ningbo Fuda reported a decrease in the number of shareholders to 29,946 as of June 30, 2025, down by 3,398 or 10.19% from March 31, 2025 [1] - The average number of shares held per shareholder increased from 43,300 to 48,300, with an average market value of 219,600 yuan [1][2] - Compared to the real estate service industry average, Ningbo Fuda's shareholder count is below the industry average of 31,200, while its average market value per shareholder is above the industry average of 166,200 yuan [1] Financial Performance - From March 31, 2025, to June 30, 2025, Ningbo Fuda's stock price decreased by 1.23%, coinciding with a reduction in shareholder count [1][2] - During the same period, the company experienced a net outflow of 11.96 million yuan from institutional investors and a net outflow of 25.13 million yuan from speculative funds, while retail investors contributed a net inflow of 37.09 million yuan [2]

Market Overview - On August 27, the real estate service sector declined by 3.12%, with Zhongtian Service leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Zhongtian Service (002188) closed at 5.59, down 5.41% with a trading volume of 127,200 shares and a transaction value of 73.12 million yuan [1] - Te Fa Service (300917) closed at 47.19, down 5.24% with a trading volume of 90,900 shares and a transaction value of 4.42 billion yuan [1] - World Union (002285) closed at 2.46, down 4.28% with a trading volume of 557,400 shares and a transaction value of 140 million yuan [1] - New Dazheng (002968) closed at 10.76, down 4.01% with a trading volume of 78,500 shares and a transaction value of 86.23 million yuan [1] - Pearl River Shares (600684) closed at 4.90, down 3.92% with a trading volume of 395,200 shares and a transaction value of 19.87 million yuan [1] Capital Flow Analysis - The real estate service sector experienced a net outflow of 201 million yuan from institutional investors, while retail investors saw a net inflow of 159 million yuan [1] - The table shows the capital flow for individual stocks, indicating varying levels of net inflow and outflow among different companies [2] Detailed Capital Flow for Selected Stocks - World Union (002285) had a net inflow of 2.29 million yuan from institutional investors, but a net outflow of 6.79 million yuan from retail investors [2] - Zhongtian Service (002188) saw a net inflow of 1.41 million yuan from institutional investors, with a net outflow of 7.84 million yuan from retail investors [2] - Pearl River Shares (600684) experienced a significant net outflow of 50.69 million yuan from institutional investors, while retail investors had a net inflow of 42.35 million yuan [2] - Te Fa Service (300917) had a net outflow of 52.61 million yuan from institutional investors, with a net inflow of 46.53 million yuan from retail investors [2]

Group 1 - Ningbo Fuda (SH 600724) announced the convening of its 11th 15th board meeting on August 26, 2025, to discuss the appointment of a vice president and other documents [1] - For the first half of 2025, Ningbo Fuda's revenue composition was as follows: Industrial accounted for 64.61%, commercial real estate 24.48%, retail 4.08%, services 3.66%, and other businesses 2.28% [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

宁波富达股份有限公司 证券代码：600724 证券简称：宁波富达 公告编号：2025-028 十一届十五次董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 宁波富达股份有限公司（以下称"公司"）第十一届十五次董事会于 2025 年 8 月 26 日以现场加通讯方式召开,本次会议的通知于 2025 年 8 月 15 日以电子邮件方 式送达全体董事及有关人员。本次会议应出席董事 7 人，实际出席董事 7 人，其中 和《公司章程》的相关规定。 二、董事会会议审议情况 （一）审议通过了《公司 2025 年半年度报告及其摘要》 与会全体董事认为：公司《2025 年半年度报告》及《2025 年半年度报告摘要》 中，无虚假记载、误导性陈述或重大遗漏，真实、准确地反映了公司 2025 年上半 年度的财务状况、经营成果和现金流量。 本议案已经公司董事会审计委员会审议通过。 表决情况：7 票同意，0 票反对，0 票弃权。 （二）审议通过了《关于"提质增效重回报"行动方案的评估报告》 经公司总裁提名、全体与会董 ...

Core Viewpoint - Ningbo Fuda announced the resignation of Vice President Zhang Yi due to age reasons, effective August 26, 2025, after which she will no longer hold any position in the company [1] Summary by Categories Company Announcement - The company's board received a written resignation letter from Vice President Zhang Yi on August 26, 2025 [1] - Zhang Yi requested to resign from her position due to age reasons [1] - Following her resignation, Zhang Yi will not hold any positions within the company [1]

格隆汇8月26日丨宁波富达(600724.SH)发布2025年半年度报告，报告期实现营业收入7.44亿元，同比下 降17.46%；归属上市公司股东的净利润1.16亿元，同比下降1.79%；扣除非经常性损益后的归属于上市 公司股东的净利润9863.96万元，同比下降4.58%；基本每股收益0.0802元。 ...

根据上海证券交易所《关于做好主板上市公司 2025 年半年度报告披露工作的通 知》要求，公司现将 2025 年上半年度主要经营数据披露如下： 商业地产： 2025年1-6月，公司出租房地产楼面面积16.22万平方米（商业综合体15.18万平方 米、工业厂房1.02万平方米、住宅0.02万平方米），取得租金总收入18,263.58万元（商 业综合体18,216.93万元、工业厂房44.31万元、住宅2.34万元）。 以上数据为阶段统计数据，未经审计。 证券代码：600724 证券简称：宁波富达 公告编号：2025-029 宁波富达股份有限公司关于 2025年上半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波富达股份有限公司（以下简称"公司"）在2018年度实施了重大资产出售方 案，已将公司持有的住宅房地产板块的股权和债权以公开方式出让，公司不再从事住 宅房地产开发业务。目前公司从事的业务为商业地产和水泥建材。 特此公告。 宁波富达股份有限公司 董事会 2025年8月27日 ...

证券代码：600724 证券简称：宁波富达 公告编号：2025-030 宁波富达股份有限公司 关于为控股子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: ●被担保人名称：宁波舜江水泥有限公司（以下简称"舜江公司"） ●担保人名称：宁波富达股份有限公司（以下简称"公司"或"宁波富达"） ●本次担保金额及已实际为其提供的担保余额：公司本次为舜江公司提供担保 24,000 万元。截至本公告日，宁波富达累计为舜江公司提供担保额度为 24,000 万 元，宁波科环新型建材股份有限公司（以下简称"科环公司"）累计为舜江公司提 供担保额度为 17,881 万元，合计为舜江公司提供的担保额度为 41,881 万元，本次 担保前实际担保余额 17,881 万元。 ●本次是否有反担保：是。 ●对外担保累计数量：截至本公告日，公司及控股子公司实际对外担保情况如 下：公司为控股子公司担保的余额 49,000 万元，控股子公司为公司担保的余额 0.00 万元，控股子公司之间担保的余额 17,881 万元。 ●对外 ...

会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 17 日（星期三）至 9 月 23 日（星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 fuda@fuda.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 证券代码：600724 证券简称：宁波富达 公告编号：2025-031 宁波富达股份有限公司关于 召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 独立董事：邱妘女士 副总裁、董事会秘书兼财务负责人：张琛炜先生 宁波富达股份有限公司（以下简称"公司"）已于 2025 年 8 月 27 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营 成果、财务状况和现金流量情况，公司计划于 2025 年 9 月 24 日（星期三） 15:00-16:00 举行 2025 年半年度业绩说明会，就投资 ...